Getting To Know Your Market
1. A comparative market analysis is an indicator of what today’s buyers are willing to pay for a home. It compares the market activity of properties similar to yours. Those that have recently sold represent what buyers are willing to pay. The homes currently listed for sale represent the price sellers hope to obtain. Those listings that have expired were generally overpriced or poorly marketed.
2. As your Real Estate Professional, I will prepare a comparative market analysis for your home based on the most current market information. Together, we will establish the proper list price for your home.
“The market ultimately determines the true value of your property.”
Dangers of Over Pricing
1. Many sellers believe that if they price their home high initially, they can lower it later.
2. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it’s been for sale too long some buyers will be wary and reject the property. On occasion, the price is dropped below the market value because the seller runs out of time and so the property sells for less than it is worth.
3. You may think that interested buyers “can always make an offer,” but if the home is overpriced, potential buyers looking in a lower price range will never see it.
4. Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
5. As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when Real Estate Professionals and potential buyers sit up and take notice.
6. If the home is overpriced, it doesn’t take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
7. Excessive listing periods stigmatize your property.